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Spindle travel needs to be at least 3 5/8" if you want to be able to drill through a 4 x 4 post in one motion without having to flip it over (or edge drilling a 2 x 4). And then the two ends never meet right. I have an old variable speed Power Kraft with 6" travel.

Ellis Manufacturing makes a great unit but but its pricey. I intend to get one as soon as that dream job comes along. Not looking good for the immediate future though. I think their site is ellisaw.com

I have a Craftsman about the size of the larger one. It's okay, but I wish it was bigger. I can drill up to about 5/8" in steel with mine. I have larger bits, but they need a press that runs slower than mine to keep from overheating them.